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Equity analysts' earnings forecasts exclude dirty surplus income items, otherwise known as other comprehensive income (OCI). However, OCI affects firm value on a dollar-for-dollar basis and can enhance investors' understanding of the value and risk of firms' equity capital. Focusing on financial...
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Bayesian learning provides a core concept of information processing in financial markets. Typically it is assumed that market participants perfectly know the quality of released news. However, in practice, news' precision is rarely disclosed. Therefore, we extend standard Bayesian learning...
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